Metro Bank looks to expand after £50m fundraising

Metro Bank today said it had raised £50 million of new capital from investors to further develop its business.

The firm, launched in July as Britain's first new high street retail bank in more than 100 years, said the cash would help it to increase the number of new branch openings over its first two years in business from 12 to 18.

The latest round of capital raising builds on an initial £75 million put together earlier this year.

"The completion of our second round of capital raising is a result of our hugely successful launch and the opportunity to accelerate our roll out," said Metro Bank co-founder Vernon Hill.

Metro Bank is among several new entrants, such as Virgin Money, seeking to break into the retail banking sector, which is dominated by Lloyds, Barclays, HSBC and Royal Bank of Scotland , following the credit crisis.

The company, whose investors include fund management company Fidelity and property investors the Reuben brothers, has said it may consider a stock market listing in 2013.